A Winsun Heights unit was sold but the other 4 apartments auctioned at Ray White City Apartments today were passed in.

A brand new dual-key unit in the Park Residences (pictured), comprising 2 studios, was passed in after one bid followed by a much higher vendor indicator bid. Park Residences, a Conrad Properties Ltd development, sits between St Patrick’s Square & Albert St, across the street from the ANZ Centre & diagonally opposite the Stamford Plaza Hotel.

Carter Holt Harvey Ltd (Graeme Hart) has entered into an agreement to sell its pulp, paper & packaging business to a joint venture between Oji Holdings Corp and Innovation Network Corp of Japan for $1.037 billion.

The 3 companies said today the transaction was subject to a number of usual conditions and anticipated the sale would be completed in the second half of 2014.

Mr Hart began his takeover of Carter Holt Harvey in 2005, when he bought the 50.5% held by International Paper Ltd of the US for $1.65 billion, then bought out minorities for the same $2.50/share. He followed that by selling land & forests and rationalising the packaging industry internationally.

Oji has a long history in New Zealand forestry, starting in 1971 when it invested in the Pan Pac forest products business in Hawke’s Bay.

Innovation Network Corp is sponsored by the Japanese Government & Japanese private enterprises aimed at promoting innovation & enhancing the value of businesses in Japan.

Chow brothers put brothel site on market

The corner of Victoria St West & Federal St that had been proposed for a 15-storey brothel building.

The Chow brothers have put their brothel site – the former Aurora/Palace Hotel site diagonally across Victoria St West from the SkyCity casino entrance – on the market through Bayleys.

Brothers John and Michael Chow got consent in December 2012 for a 15-storey brothel, food & beverage, hotel & office building on the site at the corner of Federal St, but said a month ago they had dropped their plans. The 124-year-old hotel building was demolished in 2010 after walls started to crack when the basement was being dug out.

Swanson Towers back on market

Bayleys has also put the 3-building Swanson Towers (pictured above) on the market through a tender closing on Wednesday 28 May with commercial investment team manager Robert Platt. Owned by the CP Group, it has consent for conversion to a hotel.

The complex of 3 buildings of 11, 7 & 3 storeys sits on 1724m², has a floor area of 6151m² and has a 100% seismic rating. It was previously marketed in 2009 with hotel conversion in mind ahead of the 20112 Rugby World Cup.

Auckland City councillors approved a $1 million upgrade for Swanson St between Queen & Albert Sts this week. The work should start next March and take 4-5 months to complete.

The 2 blocks from Albert to Hobson St were excluded from the project at this stage because Kitchener Group could start work in the next 2 years on its proposed development at the corner of Albert St through to St Patrick’s Square, and to prevent conflict with separate streetscape & paving upgrades on the square and on Albert & Federal Sts.

The BNZ Tower may also be refurbished, but as that could be 2-3 years away and would probably focus on the Queen St entrance & forecourt, and the existing building entrances & stairway levels & positions are very constrained, council staff saw little opportunity for co-ordination.

The section of Swanson St between Queen St & Mills Lane will get more lighting. Council staff & consultants introduced a new wall design but rejected eliminating the wall altogether because of very different levels between the stairs beside the BNZ Tower and ramp on the other side.

The council’s urban design panel questioned the need for a wall and noted the area was both a walkway and place to eat lunch & relax.

CBD project manager Eric van Essen said a new road surface at Mills Lane would reduce traffic speed and bollards would add protection.

About Bob Dey Property

The Bob Dey Property website is primarily about commercial & development property in Auckland, policies & strategies that impact on the sector, listed property securities and wider economic influences. It examines infrastructure, access & urban design issues, and presents ideas from around the world. The emphasis is on appropriate depth & context.